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2003-04-16 | 122918

On Establishing Requirements for Defining Subjects and the List of Offshore Zones

The National Bank of the Kyrgyz Republic issued this regulation to define entities subject to offshore zone restrictions and to approve a specific list of jurisdictions offering preferential tax regimes or lacking full information disclosure. The document mandates that banks and financial organizations operating in Kyrgyzstan ensure their activities comply with these anti-money laundering and transparency requirements within 30 days of publication. It also formally removes several jurisdictions from the list, including Gibraltar, Bahrain, Cyprus, and Costa Rica, while adding Curaçao.

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Date of creation: 2024-12-20

MYKR No. 97-03 dated April 22, 2003

Resolution of the Board of the NBKR No. 13/2 dated April 16, 2003

On Establishing Requirements for Defining Subjects and the List of Offshore Zones

(amendments approved by the Resolution of the Board of the NBKR No. 34/4 dated 18.11.2005, No. 5/7 dated 02.03.2006, No. 43/1 dated 16.11.2012, No. 7/2 dated 10.02.2016, No. 2017-P-12/25-12-(NPA) dated June 15, 2017, No. 2019-P-12\42-1-(NPA) dated August 14, 2019, No. 2022-P-17-/74-6-(NPA) dated November 30, 2022, No. 2024-P-17/64-5-(BS) dated December 4, 2024)

In order to ensure the safety, reliability, and stability of the banking system of the Kyrgyz Republic, protect the interests of depositors and other creditors of commercial banks, ensure transparency of the ownership structure of banks, and prevent the conduct of operations related to the financing of terrorist activities and the legalization (money laundering) of criminal proceeds, based on Articles 16 and 26 of the Law of the Kyrgyz Republic "On Banks and Banking Activity," the Board of the National Bank of the Kyrgyz Republic resolves:

(In the edition of the Resolutions of the Board of the National Bank of the KR dated June 15, 2017 No. 2017-P-12/25-12-(NPA), August 14, 2019 No. 2019-P-12\42-1-(NPA), November 30, 2022 No. 2022-P-17-/74-6-(NPA))

  1. Establish that subjects of offshore zones are banks, subsidiary banks, holding companies, financial-credit organizations, legal entities, and individuals registered or residing in states or territories that provide for a preferential tax regime and/or do not provide for full disclosure and/or provision of information to banking supervision authorities in accordance with the requirements and recommendations of the Basel Committee on Banking Supervision.

(In the edition of the Resolution of the Board of the National Bank of the KR dated June 15, 2017 No. 2017-P-12/25-12-(NPA)).

  1. In order to carry out regulation and supervision of the activities of commercial banks and other financial-credit organizations (hereinafter referred to as commercial banks), approve the attached list of states and territories providing for a preferential tax regime and/or not providing for full disclosure and presentation of information to banking supervision authorities (offshore zones). Amendments and additions to this list may be made by the decision of the Board of the National Bank of the Kyrgyz Republic (hereinafter referred to as the National Bank).

(In the edition of the Resolution of the Board of the National Bank of the KR dated June 15, 2017 No. 2017-P-12/25-12-(NPA)).

  1. (Lost force from the moment of entry into force of the Resolution of the Board of the National Bank of the KR dated March 2, 2006 No. 5/7)

  2. To the Management of Supervision and Licensing Methodology:

  • jointly with the legal department to carry out state registration of this resolution in the Ministry of Justice of the Kyrgyz Republic;

  • after state registration in the Ministry of Justice of the Kyrgyz Republic, jointly with the Department of External and Public Relations, publish this resolution in the official edition of the National Bank and bring it to the attention of commercial banks, AOOT RSK, and regional departments of the National Bank;

(In the edition of the Resolution of the Board of the National Bank of the KR dated June 15, 2017 No. 2017-P-12/25-12-(NPA)).

  • prepare proposals in order to bring the normative legal acts of the National Bank into compliance with this resolution and submit them for consideration by the Board of the National Bank.

(In the edition of the Resolution of the Board of the National Bank of the KR dated June 15, 2017 No. 2017-P-12/25-12-(NPA)).

  1. This normative legal act applies to banks and other financial-credit organizations operating on the territory of the Kyrgyz Republic and enters into force after the expiration of 30 calendar days from the moment of publication in the official edition of the National Bank.

(In the edition of the Resolution of the Board of the National Bank of the KR dated June 15, 2017 No. 2017-P-12/25-12-(NPA)).

  1. From the moment of entry into force of this resolution, recognize as having lost force the Resolution of the Board of the National Bank dated April 26, 2002 No. 20/12 "On Requirements for Defining Subjects of Offshore Zones".

(In the edition of the Resolution of the Board of the National Bank of the KR dated June 15, 2017 No. 2017-P-12/25-12-(NPA)).

  1. Commercial banks and other financial-credit organizations must bring their activities into compliance with this resolution by the time of its entry into force.

  2. Control over the implementation of this resolution is entrusted to the Deputy Chairman of the National Bank K.Sh. Sharshekova.

(In the edition of the Resolution of the Board of the National Bank of the KR dated June 15, 2017 No. 2017-P-12/25-12-(NPA)).

Chairman of the Board of the National Bank of the Kyrgyz Republic U. Sarbanov

Approved by the Resolution of the Board of the National Bank of the Kyrgyz Republic No. 13/2 dated April 16, 2003

LIST

of states and territories providing for a preferential tax regime and/or not providing for full disclosure and presentation of information to authorities of banking supervision (offshore zones)

(amendments approved by the Resolution of the Board of the NBKR No. 34/4 dated 18.11.2005, No. 2022-P-17-/74-6-(NPA) dated November 30, 2022, No. 2024-P-17/64-5-(BS) dated December 4, 2024)

  1. Anguilla
  2. Antigua and Barbuda
  3. Aruba
  4. Barbados
  5. Belize
  6. Bermuda Islands
  7. British Virgin Islands
  8. (Republic of Gibraltar excluded in accordance with the Resolution of the Board of the National Bank of the KR dated December 4, 2024 No. 2024-P-17/64-5-(BS))
  9. (State of Bahrain excluded in accordance with the Resolution of the Board of the National Bank of the KR dated December 4, 2024 No. 2024-P-17/64-5-(BS))
  10. Grenada
  11. (Dominican Republic excluded in accordance with the Resolution of the Board of the National Bank of the KR dated November 30, 2022 No. 2022-P-17-/74-6-(NPA)
  12. Principality of Andorra
  13. Principality of Liechtenstein
  14. Lebanese Republic
  15. Macao (People's Republic of China)
  16. Maldives Republic
  17. Monaco
  18. Montserrat
  19. Independent State of Samoa
  20. (Netherlands Antilles excluded in accordance with the Resolution of the Board of the National Bank of the KR dated November 30, 2022 No. 2022-P-17-/74-6-(NPA)
  21. Niue (New Zealand)
  22. Labuan Island (Malaysia)
  23. Cayman Islands (Cayman Islands)
  24. Cook Islands (New Zealand)
  25. Turks and Caicos Islands
  26. Republic of Vanuatu
  27. (Republic of Cyprus excluded in accordance with the Resolution of the Board of the National Bank of the KR dated November 18, 2005 No. 34/4)
  28. (Republic of Costa Rica excluded in accordance with the Resolution of the Board of the National Bank of the KR dated November 30, 2022 No. 2022-P-17-/74-6-(NPA)
  29. Republic of Liberia
  30. Republic of Mauritius
  31. Republic of Malta
  32. Republic of Marshall Islands
  33. Republic of Nauru
  34. Republic of Palau (Belau)
  35. Republic of Panama
  36. Republic of Seychelles
  37. San Marino
  38. Saint Vincent and the Grenadines
  39. Saint Lucia
  40. Commonwealth of the Bahamas
  41. Federation of Saint Kitts and Nevis
  42. (Yugoslav Republic of Montenegro excluded in accordance with the Resolution of the Board of the National Bank of the KR dated November 30, 2022 No. 2022-P-17-/74-6-(NPA))
  43. Curaçao

(In the edition of the Resolution of the Board of the National Bank of the KR dated November 30, 2022 No. 2022-P-17-/74-6-(NPA)

Contacts

Public Reception +996 (312) 61-04-86 +996 (312) 66-90-15 +1257, +1256

Department for the Protection of Consumer Rights +996 (312) 66-90-15 +1671, +1666

Report Corruption +996 (312) 66-90-15 +2120 +996 (312) 61-04-00

Auto-informer of official currency rates +996 (312) 61-07-11

Numismatic Museum +996 (312) 66-90-15 +1232 +996 (312) 61-24-14

E-mail mail@nbkr.kg

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720010, Kyrgyz Republic, Bishkek, Kievskaya St., 189

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